Buyer readiness checklist: the 90 days before you apply
By Francisco Williams, CCIM · CCIM · Mortgage Loan Originator NMLS #1858674 · CA DRE #01979442 · Updated
Short answer
In the 90 days before applying for a mortgage, check your credit reports, avoid new debt, document your savings, gather two years of income records, and decide your price range and timeline. Doing this first doesn't guarantee approval, but it removes the most common reasons files stall.
Why 90 days
Lenders look at recent history: the last two months of bank statements, the last 30 days of pay stubs, and any new accounts. Changes inside that window need explanations. Starting three months out gives you time to fix what you find.
The checklist
Work through it in order; each month builds on the one before.
- Month 3: Pull free credit reports at AnnualCreditReport.com; dispute errors
- Month 3: List all monthly debts (minimum payments)
- Month 3: Decide target area, property type and timeline
- Month 2: Keep 2 months of complete bank statements for every account
- Month 2: Document any gift funds now (gift letter + transfer trail)
- Month 2: Check down-payment assistance eligibility and education course
- Month 1: Gather W-2s / 1099s and tax returns for 2 years, recent pay stubs
- Month 1: Gather ID, residency or ITIN documents
- Month 1: Pause new credit; keep balances steady
Checklist only; lenders set their own requirements.
Down payment help: check early
Many down-payment programs have income limits, price limits, a homebuyer-education course and an approved-lender list, and some have waiting lists or funding rounds. Francisco's site keeps a California down-payment assistance directory; check it at the start, not after you find a house.
What not to do
Don't open new credit cards or finance a car. Don't move large sums between accounts without a paper trail. Don't change jobs without talking to your loan officer first. Don't co-sign for anyone.
Next step
When the checklist is done, send Francisco the property type, purpose and timing on his start page.
Frequently asked questions
How far ahead should I prepare to buy a house?
About three months is a practical minimum to review credit, stabilize accounts and gather documents.
Should I pay off debt before applying?
Sometimes. Paying down revolving balances can help, but don't drain the down payment; ask a loan officer first.
Do I need a homebuyer course?
Many down-payment programs require one. Check program rules early.
Sources
How to read a Loan Estimate, page by page
Where to look on the three-page Loan Estimate to compare two lenders fairly: loan terms, closing costs and the comparisons box.
Closing Disclosure vs. Loan Estimate: what's allowed to change
The three tolerance buckets under federal rules, the three-day waiting periods, and how to compare your Closing Disclosure line by line.